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Unsold luxury apartments in Mumbai are increasing in number

Luxurious apartment in MumbaiIt is reported that more than half of Mumbai’s luxury apartments, both developed and under construction, remain unsold. It is found that more than 3300 luxury apartments were developed in Mumbai and priced in a range of Rs 10 crore to 100 crore.

The regulatory uncertainty, surging prices and supply glut had prompted the super-rich to put their home buys on hold. About 1,880 units in this price range came up in the last one year alone.

According to industry sources, some of the projects that have significant unsold inventory include Shapoorji Pallonji-Dilip Thacker’s The Imperial at Tardeo in south Mumbai, where over 40 of the total 228 flats are yet to be sold even though the project was completed in 2010.

DB Realty’s Orchid Crown at Prabhadevi, where nearly 35% of the 612-apartment inventory is yet to be sold.

Lodha Group’s World One at Lower Parel, where over 40% of the 170 flats launched so far is unsold.

The Mumbai market saw about 100 luxury apartments in Mumbai were sold in financial year 2011-12 compared with about 400 sold in 2007-08.

To read more real estate news:

Absorption rate of Mumbai property is low

Source: Economic Times

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